Deutsche Bank, Germany's largest bank, announced plans to cut around 2,000 jobs in its retail banking division amidst declining profits. This decision is part of a broader cost-reduction strategy led by CEO Christian Sewing. The bank also aims to close several branches and shift towards digital banking, increasing video and phone consultations for customers. Following previous layoffs of 3,500 staff, the bank hopes these restructuring efforts will enhance its return on equity to over 10% by 2025 from 4.7% last year. However, its recent pre-tax profit fell 7% compared to the previous year.
Germany's largest bank, Deutsche Bank, plans to cut around 2,000 jobs in its retail banking division this year amid falling profits and restructuring.
Christian Sewing emphasized the necessity of turning around profitability in the retail personal bank, aiming for a return on equity of over 10% by 2025.
The bank's strategy includes closing branches and increasing digital banking services, responding to customer demand for video and phone consultations.
Despite the job cuts, Deutsche Bank expects restructuring measures to lead to improved financial performance, though it remains below expectations in 2024.
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